Five Helpful Property Search Tips
Finding and purchasing the property of your dreams is an exciting adventure! Here are five expert tips from Shop Your Own Mortgage that will make your home search a little bit easier!
1. Get pre-approved:
In order to find your perfect home, you need to know the price range that you qualify for. A pre-approval will tell you the exact amount a lender is prepared to offer you for financing based on your income and the amount you have for a down payment. You should start your home search knowing approximately how much your monthly payments will be on the homes that you are viewing. Our mortgage experts can help provide a breakdown of all of your costs and set proper expectations with no surprises!
2. Work with a realtor:
A realtor offers value and reduces your risk with their knowledge and expertise. They can inform you on the specific features each home has to offer, show you new listings on a daily basis and can offer valuable information on the area. Most importantly, once you find a property that you are interested in they can assist you by submitting an offer quickly and negotiating the terms.
3. Sign up for alerts:
In addition to using a realtor, consider getting notifications from property databases to expand your search. Doing your own research means you are not relying solely on another person. Alerts will make the process easier for you than if you were to spend your time searching and you can select the specific type of house you are looking for. For example, if you are looking for a 4-bedroom 2-bathroom property for under $500,000, you will receive an automatic notification every time a property that fits your guidelines hits the market in your area.
4. Carry a checklist on your search:
Make a checklist or wish list on the features that you would like your new home to have. This will help you in the decision-making process and eliminate homes that do not work for you. You can also leave some space and take notes on the features of every home you view so you can easily compare them. This will make you feel more confident with your decision in the end.
5. Always get a pre-purchase inspection:
Many houses have hidden issues that will affect the liveability as well as the value of the home. If possible, you should make an offer contingent on the results of your home inspection. A professional inspector will find all the instabilities, little cracks in the floor and other damages that might look minor at the moment, but can cost you a lot of money to repair in the future. These are just a few tips that will help you to find the right property. Happy House Hunting!